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Global financial system implosion begins

extra dry said:
The end of the world is nigh
Click to expand...
I found a good one on the World Tomorrow YouTube channel.
Herbert W Armstrong travelled to Athens to address the Athens Rotary Club in 1983 as to the consequences if Greece were to join the EU.
Four horsemen ahoy!
 
extra dry said:
The end of the world is nigh
Click to expand...

I remember when Peak Oil was supposed to the doom of all civilisation and that we'd all be cutting each others' throats for a can of petrol by now. That was a formative experience in teaching me that apocalyptic false prophets aren't just confined to religious nutters.
 
NoXion said:
I remember when Peak Oil was supposed to the doom of all civilisation and that we'd all be cutting each others' throats for a can of petrol by now. That was a formative experience in teaching me that apocalyptic false prophets aren't just confined to religious nutters.
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Amen.
 
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Why It Seems Everything We Knew About the Global Economy Is No Longer True
NYTimes 18/06/23 https://archive.is/e3RPm
Globalization, seen in recent decades as unstoppable a force as gravity, is clearly evolving in unpredictable ways. The move away from an integrated world economy is accelerating. And the best way to respond is a subject of fierce debate.

Of course, challenges to the reigning economic consensus had been growing for a while.
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“We saw before the pandemic began that the wealthiest countries were getting frustrated by international trade, believing — whether correctly or not — that somehow this was hurting them, their jobs and standards of living,” said Betsey Stevenson, a member of the Council of Economic Advisers during the Obama administration.

The financial meltdown in 2008 came close to tanking the global financial system. Britain pulled out of the European Union in 2016. President Donald Trump slapped tariffs on China in 2017, spurring a mini trade war.
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But starting with Covid-19, the rat-a-tat series of crises exposed with startling clarity vulnerabilities that demanded attention.

As the consulting firm EY concluded in its 2023 Geostrategic Outlook, the trends behind the shift away from ever-increasing globalization “were accelerated by the Covid-19 pandemic — and then they have been supercharged by the war in Ukraine.”
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The article will surprise no-one but well worth a read. The NYTimes speaking truth to power
 
CH1 said:
I found a good one on the World Tomorrow YouTube channel.
Herbert W Armstrong travelled to Athens to address the Athens Rotary Club in 1983 as to the consequences if Greece were to join the EU.
Four horsemen ahoy!
Click to expand...


i used to sneak a listen to his son b/c he came on the radio after the Irish Memories Album that my paretns listened to each sunday night of my childhood, especially as i was told not to.
 
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petee said:
i used to sneak a listen to his son b/c he came on the radio after the Irish Memories Album that my paretns listened to each sunday night of my childhood, especially as i was told not to.
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Yes - Garner Ted Armstrong - the mainstay of Radio Luxembourg at opening time of 7pm (also Radio London - the pirate one I believe).
 
There's rum things been going on at Thames Water.
Companies House is, as ever, clear as a bit of Thames mud. THAMES WATER LIMITED filing history - Find and update company information - GOV.UK
What is clear is the array of fairly new Chinese directors and a Korean one who claims to be an Investment Professional from UAE:
2023-06-28.png
So why exactly did the Chief Exec of Thames Water resign yesterday afternoon?
www.cityam.com

Thames Water crisis: CEO quits and Whitehall draws up collapse plans

Thames Water, whose CEO quit yesterday, is reported to be tapping shareholders for a cash injection, prompting fears of a collapse
www.cityam.com www.cityam.com
The BBC claim it was the sewage spills - the FT says its the £14bn of debt maturing later this year which cannot be repaid or refinanced.
City AM is predicting a Bulb-type neo nationalisation - protection from creditors.
Whatever the case our well-run Tory government seems trapped by Thatcherite asset stripping into appearing to have the commercial integrity of Donald Trump!
 
teqniq said:
There isn't really a suitable thread for this but I had to share it. amazing on so many levels:



From this Twitter thread:



www.waterworksofmoney.com

Waterworks of Money

www.waterworksofmoney.com www.waterworksofmoney.com
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Ask different people to explain what money is and how it works and you'll get very different answers as it means different things to different people.
By different, I mean everyday people vs economists vs bankers/politicians etc
 
CH1 said:
US banks sitting on hefty bond losses Bank of America nurses $100bn paper loss after big bet in bond market
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It only matters if they are forced to sell the bonds. US financial institutions tend to buy bonds to hold them to extinction, not as a tactical profit play. So it really doesn’t affect them if the price goes up and down. They know what income the bond is giving them and they know its nominal redemption value — the market price is irrelevant. It’s not like Europe, where accounting is done on a fair value basis, so market value shifts can cause insolvency. US GAAP just records assets at book value. The recent big banking collapses occurred because SVB, FRB and Signature hadn’t implemented basic risk control 101 measures to protect their balance sheets, causing a forced realisation of these unrealised losses. There’s no reason to think that other US banks are in that situation though.
 
Never let a Global Inflation Crisis interfere with your bonuses - unusually pointed City AM front page feature

BOE bonuses.jpg
 
How does the UK move forward with a non ideological but practical system?

Bring the UK into the 21st century?

Also, being part of a global system. Without prostituting themselves out to the highest bidder?

One step back maybe?
 
Curiouscarl said:
How does the UK move forward with a non ideological but practical system?

Bring the UK into the 21st century?

Also, being part of a global system. Without prostituting themselves out to the highest bidder?

One step back maybe?
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Maybe not paying them a bonus in line with inflation when they haven't hit their inflation target. This is the opposite of performance related pay it's rewarding NOT doing the job
 



Know some people have issues with this bloke. And i think it's not going back to 0%....Not that easy IMO. But there is some decent (in terms of credible relevancy) data in there...Though you see similar issues springing up in China or Woking...
 
kabbes said:
It’s a fifteen minute video. Can you summarise at least the main point it makes?
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Commercial real estate collapse (impacting local taxation) cover up ahead of more rate rises. Discretionary spending down (though sentiment up)....


IMO Chickens roost on 3rd quarter results


(He does put transcript in description)
 
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